Digital Banking Platform Market

Global Digital Banking Platform Market Size, Share, Development, Growth and Demand Forecast to 2023

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Report Code: IM11331
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Digital Banking Platform Market Overview

Digital banking platform is an omnichannel or multichannel solution of personal banking services. A digitally advanced platform for banking integrates with hundreds of banking endpoints covering different technology vendors, ranging from core banking software providers to bill pay vendors. The global digital banking market is on a significant rise and is fuelled by its support processes on different channels such as internet banking, mobile banking, cash desk, kiosks, and chatbots.

Over the years, market for digital channel platforms has changed significantly from online and mobile specific banking solutions to channel-agnostic digital banking platforms. An advanced and sophisticated digital banking platform is highly flexible and enables the integration of many different banking services together in a great and interactive user interface (UI) or customer experience manner. The factor is very much responsible for high traction of businesses towards digital banking, globally.

Apart from this, banks nowadays are facing intense pressure to increase operating efficiencies and reduce banking cost while delivering advanced next-generation digital banking services. The digital banking platform vendors are now developing smart and intelligent banking platforms to meet both bank and customer needs. This includes the need for a channel integration support and dynamic customer experience for making core banking easier to accomplish, that too on the devices which customers want to use or are of their interest and affordability.

Digital banking platform market through large enterprise accounts for a larger digital banking platform market as compared to the SMEs. The market is segmented into public, private and hybrid cloud, of which private cloud generated the highest revenue in 2016.

Digital Banking Platform Regional Outlook

North America holds the largest digital banking platform market in terms of revenue generation. The regional market is driven by early adoption of digital technologies in the banking sector. The market in Asia-Pacific is expected to grow at a good rate during the forecast period. Robust growth in IT infrastructure, and huge investments in digital banking sector by public and private players are expected to back the growth of the regional market.

Digital Banking Platform Market Dynamics

Factors driving the growth of the global digital banking platform market are increased importance of digital customer experience, shorter replacement cycle, and higher safety and reliability. The increasing level of investments by public/ private capital holders in the development of advanced and sophisticated mobile friendly banking platforms, enterprise, and web oriented banking applications, and custom-built banking services promise great opportunities for a significant growth of the global digital banking industry in near future.

Digital Banking Platform Market Competitiveness

Various bank channel applications for both consumer and business, have been certainly slow to react to new customer requirements and growing demand of digital banking, globally. This has led to an increase in the number of startups and emerging banking service providers to enter the digital banking platforms market and offer customer specific solutions. For instance, VSoft, a software development company, recently launched digital banking platform, Arya. The open architectural digital banking services platform for both commercial and retail account holders is a fully integrated digital banking platform, which combines mobile banking and digital banking with native, built-in features, and include the company’s mobile deposit. Some of the key players in the industry include TCS Limited, Oracle Corporation, Infosys Limited, Kony, Inc., Backbase, Cachet Financial Solutions, Inc, EdgeVerve Systems Limited, and Capital Banking Solutions.

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